Moula: the small business loan lender backing BIG Aussie dreams

Katherine O'Chee

29 Nov 2019

Small business owner content

With interest rates from 0.61% per fortnight, no fees, and approval in just 24 hours, Moula has changed the game for Australian businesses.

Planning to take your business to the next level, but short on cash to do so? Whether it’s hiring more employees, moving to a bigger space, or buying new inventory and equipment, online business lender Moula could be the helping hand you need. 

Since 2013, Moula has been backing the big dreams of small Aussie businesses that don’t always have much luck obtaining loans from traditional banks. 

And it’s been ruffling the feathers of its brick and mortar competitors in more ways than one. Driven by a motto “to help grow your business, not hold it back”, the fintech has reimagined financing for businesses, making it easier for them to receive the funding they need - fast and fuss-free. 

“Small businesses don’t always get a lot of love from the banks, but fintechs like Moula are filling that gap by focusing more on a business’s potential for growth rather than on its size,” Mozo director, Kirsty Lamont said. 

So if you’re keen to boost your business to new heights, then Moula could be a good place to start. But first, let’s take a closer look at the lender and what it has to offer: 

Who is Moula? 

Moula is part of a movement of digital lenders that use innovative online platforms to remove the paperwork and hassle out of securing a business loan. It promises to deliver speed and efficiency at every turn: from application to approval, to the transfer of funds.

Over the past five years, Moula has processed more than 20,000 business loan applications, making it one of the more popular options for business owners taking out a loan. 

What’s Moula’s business loan all about? 

Moula’s business loans offer rates that start from a competitive 0.61% per fortnight, with repayments to be made on a fortnightly basis. You can take out loan amounts ranging between $5,000 and $500,000 over terms of 6 months to 3 years, although Moula will determine exactly how much you can borrow by looking at factors like your business profile, time in business and transaction volume. 

What’s more, Moula’s loans are packed with flexible features, including the ability to make extra repayments so that you can pay off your loan earlier and save on interest, and a redraw facility in case you need to ‘dip’ into those extra repayments later down the track. 

If you apply for a loan with Moula between 1 November 2019 and 30 January 2020, you’ll even go into its draw to win $2,020 for your 2020 business vision (with one customer drawn every month). 

And the cherry on top: Moula’s loans are generally fee-free (unless you start missing repayments), so you won’t have to worry about any nasty surprises around the corner. 

… Did you just say fee-free? 

You didn’t read wrong! There are basically no fees when you borrow from Moula - whether that’s upfront, ongoing, late payment, transaction or early repayment fees. The only thing you’ll be charged for is interest on your loan.

Just keep in mind that if you do miss one of your repayments due to a failed direct debit, you’ll have to pay a direct debit dishonour fee of $25, although be aware that in some cases, it could go as high as $30. And for every payment that needs to be rescheduled, Moula currently charges $25, but this rescheduling fee could go up to $40.* 

How fast is the application process?  

Much faster than your traditional bank! It’s time to wave goodbye to mountains of paperwork and waiting for weeks on end for that tick of approval. With Moula, online applications take only 10 minutes. All you’ll need is to give Moula permission to access your banking or accounting data, and provide details including your ABN or ACN, and some other personal, business and credit information. 

In just 24 hours, you can usually expect to hear back about whether or not you’ve been approved, and if approved, you’ll have access to the funds the very next day. 

Am I eligible for a Moula business loan? 

There are just a few boxes to tick before you’re eligible for a Moula business loan: 

- You have an ABN or ACN;

- You’ve traded for at least 6 months; and

- You’ve made at least $5,000 in monthly sales (or $60,000 in annual turnover). 

Does Moula offer other products? 

Yes, it does. Earlier this year, Moula launched its very own Buy Now, Pay Later product, Moula Pay, which allows businesses to access up to $250,000 credit. This gives you the money to purchase supplies and equipment or pay for invoices right now, without affecting your cash flow.

You’ll have 12 months to pay off the whole thing in instalments, and the good news is, the first 3 months are interest-and repayment-free. So if you finish making your repayments in those initial three months, you could avoid interest costs altogether! Otherwise, you can enjoy 3 months of no repayments but bear in mind that once the interest-free period ends, you’ll be charged an interest rate of 3% per month. 

While Moula Pay comes with no establishment, direct debit or early repayment fees, you’ll also need to watch out for the annual fee, which jumps from $0 to $149 after the first 12 months. 

*Fees as of 29 November 2019

Compare business loans

Rates updated daily. Advertiser disclosure.

  • Promoted

    Zip Business Capital

    Zip Business Capital

    Line of Credit

    On Application

    2% to 3%

    Instantly, once approved

  • Promoted



    Business Line of Credit

    On application, from 5%. Based on facility size.


    same day

  • Promoted



    Invoice Finance

    On Application


    Same Day

  • Promoted



    Equipment Loan

    from 2.85% p.a.

    On Settlement

    48 Hours

  • Promoted



    Unsecured Business Loan

    from 9%


    Within same day